Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 107 CNY per share for 2025, and an upward target price of 125 CNY per share [4][10][21]. Core Insights - The IGBT market is showing signs of marginal improvement, driven primarily by the demand from the electric vehicle sector. The IGBT shipment volume is expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. The current IGBT prices are at a relative bottom, which is beneficial for the company's cost structure [1][10][23]. - The SiC (Silicon Carbide) market is experiencing a cost reduction, with significant capacity expansion in China. The price of SiC substrates has decreased by approximately 30% in 2024, and further declines are anticipated. The transition from 400V to 800V in mid-to-high-end vehicle platforms is expected to boost SiC demand [2][12][28]. - The company's fundraising projects are progressing well, transitioning to a Fabless + IDM model. The company raised 3.5 billion CNY for capacity expansion, with expected annual production capacities of 300,000 6-inch high-voltage chips and 60,000 6-inch SiC chips [3][13][40]. Summary by Sections Overall View - The company is expected to see a 30% revenue growth in 2025, driven by IGBT shipment recovery and market share expansion. The IGBT module prices are stabilizing, and the overall gross margin is projected to remain above 32% [20][54]. Current Price and Valuation Assessment - The report indicates a neutral target price of 107 CNY per share based on a 30x valuation for 2025, with an upward target of 125 CNY per share under favorable conditions [10][14][20]. Core Logic Changes - The IGBT sector is anticipated to experience overall marginal improvements, with signs of recovery in shipment volumes and price stabilization. The automotive electronics sector is a key growth area, particularly for electric vehicles [23][25][29]. Company Overview - Established in 2005, the company focuses on the design, production, and sales of power semiconductor chips and modules, primarily IGBT modules, SiC modules, and discrete devices, serving various industries including renewable energy and automotive [42][44]. Performance Breakdown and Valuation - The company is projected to generate revenues of 34.25 billion CNY in 2024, with a slight decline in 2024 followed by growth in subsequent years. The IGBT business is expected to see a revenue increase of 28.2% in 2025, while the SiC business is projected to grow significantly [55][56].

点击 关注我们 报告发布日期：2025年3月24日 报告名称:《 能源电子月报： 汽车功率持续升高，碳化硅渗透率稳步提升 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 能源电子月报: 汽车功率持续升高,碳化硅 渗透率稳步提升 2025-03-24 | 胡剑 胡慧 叶子 詹浏洋 连欣然 新能源汽车:我国新能源汽车功率200kW以上的主驱 占比由22年的9%提升至25年1月的28%. 电驱最高峰值 功率由22年255kW升至25年1月的450kW。整车情况:根 据中汽协数据,我国2月新能源汽车单月销量89万辆(YoY +87.1%,MoM-5.5%),产量88.8万辆(YoY+91.6%,MoM- 12.5%),单月新能源车渗透率为41.9%。主驱功率模块情 况: 主驱IGBT模块主力厂商芯联集成、时代电气、土兰微 、斯达半导领先优势逐步确立,海外厂商份额逐步下降 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 125.30 RMB based on a 35x PE valuation for 2025 [4][7]. Core Insights - The company is focusing on the new energy market, with significant progress in its SiC (Silicon Carbide) business and IGBT (Insulated Gate Bipolar Transistor) modules for automotive applications. The company has established partnerships to enhance its product offerings in the electric vehicle sector [8][9]. - The profit forecast for the company has been adjusted downwards due to industry conditions, with projected net profits for 2024, 2025, and 2026 at 643 million, 856 million, and 1.084 billion RMB respectively [4][9]. - The company has received multiple awards for its performance in the overseas market, indicating a strong international presence and recognition [8]. Financial Summary - Revenue is projected to grow from 3.663 billion RMB in 2023 to 5.318 billion RMB in 2026, with a notable decrease in 2024 [6]. - The gross margin is expected to decline from 37.5% in 2023 to 34.8% in 2026, reflecting increased costs or competitive pressures [6]. - The net profit margin is forecasted to decrease from 24.9% in 2023 to 20.4% in 2026, indicating potential challenges in maintaining profitability [6]. - The company's earnings per share (EPS) is projected to be 3.80 RMB in 2023, dropping to 2.69 RMB in 2024, before recovering to 4.53 RMB by 2026 [6][9].

证券代码：603290 证券简称：斯达半导 公告编号：2025-001 斯达半导体股份有限公司 关于 2021 年股票期权激励计划 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次行权股票数量：斯达半导体股份有限公司（以下简称"公司"）2021 年股票期权激励计划第三个行权期可行权股票期权数量为 334,656 份，行权有效 日期为 2024 年 04 月 23 日-2025 年 04 月 22 日（行权日须为交易日），行权方式 为自主行权。2024 年 10 月 01 日至 2023 年 12 月 31 日，共行权并完成股份过户 登记 92,418 股，占可行权股票期权总量的 27.62%。截止 2024 年 12 月 31 日，累 计行权且完成股份过户登记 96,118 股，占可行权股票期权总量的 28.72%。 本次行权股票上市流通时间：本激励计划采用自主行权模式行权，激励 对象行权所得股票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 一、2021 年股票期权激励计划批准实施情况 1、20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance shows a quarter-on-quarter improvement, with short-term pressures not affecting long-term growth potential, thus maintaining a "Buy" rating [1] - The company achieved a revenue of 2.415 billion yuan for Q1-Q3 2024, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, down 35.69% year-on-year [1] - In Q3 2024, the company reported a revenue of 881 million yuan, a year-on-year decrease of 5.30% but a quarter-on-quarter increase of 21.02% [1] - The company has adjusted its net profit forecasts for 2024-2026 to 619 million, 953 million, and 1.175 billion yuan respectively, due to increased market competition [1] Financial Performance Summary - For Q1-Q3 2024, the company reported: - Revenue: 2.415 billion yuan, down 7.80% year-on-year - Net profit: 423 million yuan, down 35.69% year-on-year - Gross margin: 31.69%, down 4.63 percentage points year-on-year [1] - Q3 2024 financials: - Revenue: 881 million yuan, down 5.30% year-on-year, up 21.02% quarter-on-quarter - Net profit: 149 million yuan, down 34.91% year-on-year, up 32.49% quarter-on-quarter - Gross margin: 32.00%, down 4.59 percentage points year-on-year, up 0.78 percentage points quarter-on-quarter [1] - The company is expected to see revenue growth driven by new product launches in industrial control, power supply, and the electric vehicle sector [2] Growth Drivers - The company is advancing new products and technologies in the industrial control and power supply sectors, with IGBT modules based on seventh-generation micro-groove technology undergoing testing and small-scale production [2] - In the electric vehicle sector, the company is ramping up production of its 750V automotive-grade IGBT modules and has begun mass production of its 1200V automotive-grade IGBT modules [2] - The company’s self-developed automotive-grade SiC MOSFET chips are expected to significantly contribute to sales growth from 2024 to 2030 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 112.4, indicating a potential upside of 16% from the current price of CNY 97.2 [2][4][12]. Core Insights - The company's third-quarter performance showed improvement compared to the low point in the second quarter, driven by stable demand in the industrial control sector and rapid growth in automotive-related revenue. The photovoltaic sector also began to recover from earlier lows [2][8]. - The silicon carbide (SiC) business is progressing steadily, with expectations of doubling revenue compared to last year. The increasing penetration of new energy vehicles is anticipated to sustain high growth in the company's automotive main drive modules [2][7]. - Despite significant price pressures in the automotive sector, the company is expected to stabilize and potentially increase its gross margin through various cost-reduction measures and product mix upgrades [2][9]. Financial Performance Summary - In Q3 2024, the company reported revenue of CNY 880 million, a year-on-year decline of 5% but a quarter-on-quarter increase of 21%. The gross margin was 32.0%, down 4.6 percentage points year-on-year but up 0.8 percentage points from the previous quarter [2][8]. - The net profit for Q3 2024 was CNY 149 million, reflecting a 35% year-on-year decline but a 32% quarter-on-quarter increase. The adjusted net profit, excluding non-recurring items, also showed a similar trend [2][8]. - The company’s forward P/E ratio is currently at 26.2x, which is below the historical average, suggesting room for valuation upside [2][12]. Earnings Forecast Adjustments - The report adjusts the earnings forecasts for 2024 and 2025, with expected revenues of CNY 3,342 million and CNY 4,089 million respectively, reflecting a 23% decrease from previous estimates [2][7]. - The gross profit for 2024 is projected at CNY 1,065 million, with a gross margin of 31.9%, and net profit is expected to be CNY 596 million, indicating a 46% increase from prior forecasts [2][7]. Valuation Analysis - The report employs a DCF valuation method, assuming a risk-free rate of 2.2% and a WACC of 13.5%. The target price of CNY 112.4 corresponds to a P/E of 32.3x for 2024 and 25.1x for 2025 [2][9][10]. - The company’s free cash flow projections indicate a significant increase in revenue and operating profit over the next several years, with a long-term growth rate assumption of 3% [2][9].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with total revenue of 2.415 billion yuan, down 7.80% year-on-year, and a net profit of 423 million yuan, down 35.69% year-on-year [1]. - Despite the current challenges, the company is expected to see a steady recovery in performance as industry conditions improve [1]. - The company's new energy vehicle (NEV) business is projected to continue growing, driven by downstream demand [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.415 billion yuan, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, a year-on-year decrease of 35.69% [1]. - In Q3 2024, the company achieved revenue of 881 million yuan, a quarter-on-quarter increase of 21.01%, but a year-on-year decrease of 5.30% [1]. - The net profit for Q3 2024 was 149 million yuan, reflecting a quarter-on-quarter increase of 33.03% but a year-on-year decline of 34.91% [1]. - The company anticipates net profits of 616 million yuan, 886 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 26, and 20 times [2][4]. Product and Market Developments - The company is accelerating the deployment of multiple products, particularly in the NEV sector, with significant growth in the sales of its 750V and 1200V automotive-grade IGBT modules [1]. - The company has successfully launched its self-developed automotive-grade SiC MOSFET chips, which are expected to see rapid volume growth in the coming years [1]. - The company is also solidifying its advantages in the power generation and energy storage sectors, with new applications for its IGBT modules in photovoltaic inverters [1].

Summary of the Earnings Call Company and Industry Overview - The earnings call pertains to ZTE Electronics, discussing their performance for Q3 2023 and the first nine months of the year. [1][2] Key Financial Metrics - Q3 revenue was 881 million yuan, a year-over-year decrease of 5.3% but an increase of 21.02% compared to Q2. [1] - Revenue for the first nine months was 2.414 billion yuan, down 7.8% year-over-year. [1] - Q3 net profit was 149 million yuan, a decline of 34.91% year-over-year but an increase of 32.49% from Q2. [1] - Net profit for the first nine months decreased by 35.9%. [1] - Gross margin for Q3 was 32%, slightly improved from Q2. [1] - Operating expenses ratio for Q3 was 8.64%, showing a slight decrease compared to the first half of the year. [2] Industry Insights - The overall demand in the public control industry has been weak this year, but the company’s revenue has remained stable without significant fluctuations. [2] - The automotive sector shows strong demand, although pricing remains a challenging factor. [2] - Price reductions have been observed across various sectors, with the automotive industry experiencing the most aggressive price cuts. [3] Product and Market Trends - The improvement in gross margin is attributed mainly to product structure optimization rather than significant price reductions. [4] - High-end products, such as large power modules, are expected to contribute positively to gross margins. [4][11] - The company is focusing on expanding its self-operated production lines and increasing product shipments. [5] - There is a positive outlook for Q4, with expectations of stronger demand in the public control sector compared to Q3. [7] Future Outlook - The company anticipates continued growth in demand from overseas clients, particularly in the automotive and public control sectors. [9] - The gross margin is expected to improve through cost control and product structure optimization. [10] - The company is exploring new high-voltage chip products related to the power grid, although no specific updates were provided. [13] Competitive Landscape - The company is monitoring competition in the silicon carbide market and is prepared to adapt its production strategies accordingly. [20] - There is a recognition of the need to innovate and optimize product structures to maintain competitiveness in the market. [18] Additional Considerations - The company is cautious about the impact of potential price reductions on gross margins and profitability but believes the effects will be manageable. [15] - The company is also exploring opportunities in energy storage, although it is expected that automotive demand will remain a more significant revenue driver. [17] This summary encapsulates the key points discussed during the earnings call, highlighting the company's financial performance, industry trends, product strategies, and future outlook.

证券代码：603290 证券简称：斯达半导 公告编号：2024-044 斯达半导体股份有限公司 第五届监事会第七次会议决议公告 该议案具体内容详见同日刊登在《中国证券报》、《上海证券报》、《证券时报》 及上海证券交易所网站（http://www.sse.com.cn）上的公司《2024 年第三季度报 告》。 表决结果：3 票同意、0 票反对、0 票弃权。 特此公告。 斯达半导体股份有限公司监事会 2024 年 10 月 29 日 1 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 斯达半导体股份有限公司（以下简称"公司"）第五届监事会第七次会议于 2024 年 10 月 21 日以书面、邮件、电话等方式发出通知，并于 2024 年 10 月 29 日以现场方式召开。本次会议应到监事 3 人，实到监事 3 人，本次会议由监事会 主席刘志红先生主持，本次监事会的召开符合《中华人民共和国公司法》和《斯 达半导体股份有限公司章程》的规定。经与会监事认真审议，以记名投票表决方 式一致通过以下决议： 一、审议并通过了《关于公司 20 ...

斯达半导体股份有限公司（以下简称"公司"）第五届董事会第七次会议于 2024 年 10 月 21 日以书面、邮件、电话等方式发出通知，并于 2024 年 10 月 29 日以现场和通讯结合的方式召开。本次会议应到董事 7 人，实到董事 7 人，本次 会议由董事长沈华先生主持，本次董事会的召开符合《中华人民共和国公司法》 和《斯达半导体股份有限公司章程》的规定。经与会董事认真审议，以记名投票 表决方式一致通过以下决议： 一、审议并通过了《关于公司 2024 年第三季度报告的议案》。 该议案具体内容详见同日刊登在《中国证券报》、《上海证券报》、《证券时报》 及上海证券交易所网站（http://www.sse.com.cn）上的公司《2024 年第三季度报 告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 证券代码：603290 证券简称：斯达半导 公告编号：2024-043 斯达半导体股份有限公司 第五届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本议案已经公司第五届董事会审计委员会 ...